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TheStreet Open House

Intermountain Community Bancorp Reports Fourth Quarter Profit And Full Year 2012 Results

Stocks in this article: IMCB

The tables below provide information operating expense for the current three-month and twelve-month period in comparison to prior periods.

Three Months Ended 12/31/2012 % of Total 9/30/2012 % of Total 12/31/2011 % of Total
  (Dollars in thousands)
Salaries and employee benefits  $ 4,181 47%  $ 4,103 49%  $ 4,123 44%
Occupancy expense 1,615 19% 1,648 20% 1,699 19%
Advertising 174 2% 178 2% 146 2%
Fees and service charges 620 7% 590 7% 674 7%
Printing, postage and supplies 208 2% 178 2% 260 3%
Legal and accounting 483 6% 504 6% 388 4%
FDIC assessment 97 1% 306 4% 301 3%
OREO operations 390 4% 39 1% 805 9%
Other expense 903 10% 696 9% 770 9%
Total  $ 8,671 100%  $ 8,242 100%  $ 9,166 100%
         
Twelve Months Ended 12/31/2012 % of Total 12/31/2011 % of Total
  (Dollars in thousands)
Salaries and employee benefits  $ 16,291 49%  $ 18,736 49%
Occupancy expense 6,570 20% 6,879 18%
Advertising 633 2% 677 2%
Fees and service charges 2,460 7% 2,645 7%
Printing, postage and supplies 987 3% 1,135 3%
Legal and accounting 1,733 5% 1,521 4%
FDIC assessment 1,024 3% 1,394 4%
OREO operations 653 2% 2,166 6%
Other expense 3,082 9% 3,177 7%
Total  $ 33,433 100%  $ 38,330 100%

Operating expenses totaled $8.7 million in the fourth quarter of 2012, compared to $8.2 million in the sequential quarter and $9.2 million in the fourth quarter of last year, respectively. Increases in OREO, loan servicing and compliance-related expenses offset lower FDIC assessments from the sequential quarter. The reduction from the fourth quarter of last year primarily reflected reductions in FDIC assessments and OREO expenses. For the 12-month period, operating expenses totaled $33.4 million, a $4.9 million, or 12.8% reduction from 2011 as a result of decreases in employee compensation and benefits, occupancy expense, FDIC assessments and OREO expense. "While some expense categories have now stabilized after significant decreases in the past couple years, we are now implementing additional cost reduction plans in other areas, including data processing and occupancy expense," said Wright. "We expect that these new efforts will result in additional cost savings in future periods." 

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